GAIL (India) Ltd and US-based Petron Scientech Inc. have signed a memorandum of understanding (MoU) to explore setting up a 500 kilo ton per annum (KTA) bio-ethylene plant and its downstream units in India through a joint venture (JV).
Sumit Kishore, executive director (business development and exploration and production), GAIL and Yogi Sarin, chief executive, Petron signed the non-binding MoU on Wednesday, said a statement from GAIL. “In line with the MoU, GAIL and Petron will jointly undertake feasibility studies to ascertain technical viability and financial prospects of the project. Both the parties endeavour to secure investment approval from their respective management for investment in the project and forming a JV company,” said the statement on Thursday.
